By Legal Futures Associate Verisk [1]
Law firm Weightmans has strengthened its fraud capability by becoming the first UK legal entity to collaborate with global insurance data analytics and technology leader Verisk, launching ‘Fraud Rely’ – a next generation anti-fraud intelligence platform.
Following the implementation of the Economic Crime & Corporate Transparency Act 2023 (ECCTA) and the new corporate criminal offence of ‘failure to prevent fraud’, the onboarding of advanced anti-fraud technologies is widely regarded as the minimum standard for reasonable fraud prevention. This has necessitated many firms to upgrade their anti-fraud technologies in order to meet compliance requirements and mitigate risk.
Fraud Rely will provide organisations, from insurers and claim handlers to in-house counter fraud, financial crime and intelligence teams, with a tool to assess and respond to fraud effectively. The platform is a bespoke, intelligence-led fraud detection and screening service that combines Verisk’s award-winning anti-fraud technology with Weightmans’ unique fraud database to identify risk early and help teams focus on the highest-risk cases.
Verisk is widely recongised for its deep expertise in fraud detection and prevention, supporting organisations through data-driven anti-fraud capabilities designed to meet increasing regulatory and compliance expectations. Drawing on extensive industry data, advanced analytics, and intelligence-led insight, these capabilities enable evidence-led identification of risk trends, supporting defensible outcomes and integrity.
The new tool will help identify fraud risk across a range of claims, from opportunistic activity to organised fraud, by spotting suspicious patterns and connections between parties.
Chris Sawford, Managing Director of Verisk General Insurance UK and Ireland, said “Verisk is proud to support Weightmans as the first UK legal entity to incorporate our anti-fraud capabilities into their new platform, ‘Fraud Rely’.
Seeing Verisk’s technology at the heart of Fraud Rely reflects the shared ambition to deliver earlier, more accurate fraud insight and help their clients, and the wider industry stay ahead of increasingly sophisticated threats.”
Mike Brown, Head of Fraud at Weightmans, shared this perspective, “Fraud continues to undermine both the UK and global economy. Our collaboration with Verisk represents a major step forward in equipping us, and our clients, with advanced, intuitive technology to combat fraudsters head on”.